Marlborough, MA The Boston office of Colliers International represented Wheelock Street Capital and Novaya Real Estate Ventures in the $14.125 million sale of two flex properties. The two-property sale is an immediate by-product from the 14-asset portfolio that was previously acquired in March.
Purchased by Calare Properties, Inc., the properties total 134,404 s/f and are located at 261 Cedar Hill and 753 Forest St.
The Colliers investment sales team consisting of senior vice presidents Doug Jacoby and Scott Dragos along with team members Tony Hayes, Tim Mulhall and Dan Hines facilitated this transaction on behalf of Wheelock and Novaya.
“This transaction was positive for both parties. The sellers were able to divest two stabilized assets from their recent portfolio purchase and Calare was able to enhance their portfolio with two well leased flex properties,” said Jacoby.
In addition to the sale, Colliers International has also been awarded the leasing assignment for the properties.
Novaya Real Estate Ventures is a Boston based private real estate investment firm that creates value for its clients and investors by leveraging their local expertise, proprietary market relationships, and management acumen and creative deal structuring. The founding team of Jim Alden, Peter Carbone, Jeff Theobald and Scott Tully has over 100 combined years of real estate experience including institutional asset management, private equity, real estate law and venture capital.
Wheelock Street Capital is a private real estate investment firm founded in 2008 by Merrick Kleeman and Jonathan Paul and headquartered in Greenwich, Conn. and Boston. Wheelock focuses on real estate investments throughout North America and will invest in both public and private market opportunities and in all parts of the capital structure. The firm is a trustworthy source of capital for borrowers seeking to recapitalize overleveraged properties and portfolios. Their capital funding gives them the flexibility to pursue investment opportunities of all sizes, from single assets to corporate or portfolio investments of over $1 billion. Backed by established institutional capital, Wheelock has raised four funds to-date, the latest of which closed in April of 2014 with $625 million in capital commitments.
Calare Properties is a real estate operator focused on acquiring and managing warehouse, manufacturing, research and flex/office assets primarily in the Northeast. The firm provides investment, asset management, leasing and property management expertise to drive performance at all stages of the investment process from acquisition to disposition. Calare has led the acquisition of over 15 million s/f of properties, representing $650 million in real estate transactions through funds, direct deals and a multi-asset portfolio.
Colliers International Group Inc. is a global leader in commercial real estate services with more than 16,146 professionals operating from 554 offices in 66 countries. With an enterprising culture and significant insider ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include brokerage, global corporate solutions, investment sales and capital markets, project management and workplace solutions, property and asset management, consulting, valuation and appraisal services, and customized research and thought leadership. Colliers International has been ranked among the top 100 outsourcing firms by the International Association of Outsourcing Professionals’ Global Outsourcing for 10 consecutive years, more than any other real estate services firm.
